Please ensure Javascript is enabled for purposes of website accessibility Horizon Pan European Property Equities Fund - Janus Henderson Investors - Switzerland Professional Advisor (EN)
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For qualified investors in Switzerland

Horizon Pan European Property Equities Fund

Actively managed fund focused on the managers’ best ideas in European listed property stocks and REITs to deliver long-term capital appreciation

ISIN
LU0196034317

NAV
EUR 65.65
As of 11/06/2025

1-Day Change
EUR -0.17 (-0.26%)
 As of 11/06/2025

Morningstar Rating

As of 31/05/2025

Morningstar Medalist Rating ™

Morningstar Analyst Rating
As of 30/04/2025

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide capital growth over the long term.
Performance target: To outperform the FTSE EPRA Nareit Developed Europe Capped Index, after the deduction of charges, over any 5 year period.

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The Fund invests at least 75% of its assets in a concentrated portfolio of shares (equities) and equity-related securities of real estate investment trusts (REITs) and companies of any size, which invest in property, in the EEA or the UK if not part of the EEA. Securities will derive the main part of their revenue from owning, developing and managing real estate in Europe.
The Fund may also invest in other assets including cash and money market instruments.
The Investment Manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed with reference to the FTSE EPRA Nareit Developed Europe Capped Index, which is broadly representative of the securities in which it may invest, as this forms the basis of the Fund's performance target and the level above which performance fees may be charged (if applicable). The Investment Manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index.

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The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is a Marketing Communication and does not qualify as an investment recommendation.

ABOUT THIS FUND

  • A broad investable universe and selective approach enables the team to identify stocks with attractive dividend yield and growth characteristics
  • Managed by a specialist team based in the UK and supported by the wider global property equities teams in the US and Singapore
  • Offers a liquid means of diversifying into real estate and benefitting from powerful secular themes influencing the asset class
Past performance does not predict future returns. 
 

RATINGS AND AWARDS

2024 Lipper Awards Winner United States
Lipper Fund Awards based on Horizon Pan European Property Equtities Fund Class A2 EUR shares only. Availability of this share class may be limited by law in certain jurisdictions. Performance records are detailed on the specific KID, fees and charges may vary and further information can be found in the fund’s prospectus and KID which must be reviewed before investing. Please consult your local sales representative if you have any further queries.

Portfolio Management

Guy Barnard, CFA: Co-Head of Global Property Equities | Portfolio Manager
Guy Barnard, CFA

Co-Head of Global Property Equities | Portfolio Manager

Industry since 2003. Joined Firm in 2006.

Nicolas Scherf: Portfolio Manager
Nicolas Scherf

Portfolio Manager

Industry since 2007. Joined Firm in 2014.

Performance

Past performance does not predict future returns. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Cumulative & Annualised Performance (%)
As of 31/05/2025
I2 EUR (Net) FTSE EPRA Nareit Developed Europe Capped NR Property - Indirect Europe - OE
 
  Cumulative Annualised
  1MO YTD 1YR 3YR 5YR 10YR Since Inception
01/07/2004
I2 EUR (Net) 5.04 7.25 0.65 -2.77 3.37 4.11 6.64
FTSE EPRA Nareit Developed Europe Capped NR 3.89 8.77 4.42 -3.51 1.06 0.43 4.77
Property - Indirect Europe - OE 4.08 8.53 3.59 -3.11 1.32 1.09 4.70
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Performance fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Performance fees may be charged before the Fund’s outperformance target is reached.
© Morningstar 2025. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
Calendar year performance is available on the fund’s factsheet
Calendar Year Returns (%)
As of 31/03/2025
I2 EUR (Net) FTSE EPRA Nareit Developed Europe Capped NR Property - Indirect Europe - OE
YTD 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
I2 EUR (Net) -2.24 -3.57 20.47 -36.82 28.71 -2.64 36.23 -5.30 20.82 -7.05 23.13
FTSE EPRA Nareit Developed Europe Capped NR -1.01 -3.57 16.34 -36.57 18.49 -10.74 28.52 -8.40 12.55 -5.29 18.14
Property - Indirect Europe - OE -0.40 -3.43 15.19 -34.25 18.54 -9.60 28.51 -7.60 13.42 -4.37 18.95
Calendar Year Returns (%)
Year I2 EUR (Net) FTSE EPRA Nareit Developed Europe Capped NR Property - Indirect Europe - OE
2024 -3.57 -3.57 -3.43
2023 20.47 16.34 15.19
2022 -36.82 -36.57 -34.25
2021 28.71 18.49 18.54
2020 -2.64 -10.74 -9.60
2019 36.23 28.52 28.51
2018 -5.30 -8.40 -7.60
2017 20.82 12.55 13.42
2016 -7.05 -5.29 -4.37
2015 23.13 18.14 18.95
2014 31.19 25.35 23.62
2013 16.75 10.79 8.92
2012 29.81 27.08 24.86
2011 -8.77 -10.42 -11.72
2010 12.62 16.29 15.22
2009 36.28 35.93 35.23
2008 -53.46 -46.42 -46.38
2007 -33.46 -29.07 -25.41
2006 52.63 48.84 46.04
2005 37.60 27.44 25.71
2004 from 01/07/2004 20.37 21.16 18.02
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Performance fees are charged separately as a way of rewarding the investment manager for superior returns or for outperforming specified targets. A Performance Fee is accrued where the NAV outperforms the relevant Hurdle NAV (subject to a High Water Mark).
Performance/performance target related data will display only when relevant to the fund/share class inception date and the annualised target time period.
Performance fees may be charged before the Fund’s outperformance target is reached.
© Morningstar 2025. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
Please note the performance target is to be achieved over a specific annualised time period. Refer to the performance target wording within the objective.

Recommended holding period 5 Years

Example Investment: EUR 10,000

Scenarios If you exit after 1 year If you exit after 5 years
MinimumThere is no minimum guaranteed return. You could lose some or all of your investment
StressWhat you might get back after costs740 EUR1,140 EUR
Average return each year-92.65%-35.24%
UnfavourableWhat you might get back after costs6,000 EUR7,430 EUR
Average return each year-39.98%-5.76%
ModerateWhat you might get back after costs10,060 EUR12,270 EUR
Average return each year0.63%4.18%
FavourableWhat you might get back after costs13,650 EUR18,880 EUR
Average return each year36.55%13.56%
This chart shows the fund’s performance as the percentage loss or gain per year over the last 10 years against its benchmark. It can help you to assess how the fund has been managed in the past and compare it to its benchmark.

As of 31/03/2025
I2 EUR (Net) FTSE EPRA Nareit Developed Europe Capped NR Property - Indirect Europe - OE
Note that any differences among portfolio securities currencies, share class currencies and costs to be paid or represented in currencies other than your home currency will expose you to currency risk.  Costs and returns may increase or decrease as a result of currency and exchange rate fluctuations.
Past performance does not predict future returns. The value of an investment may go down as well as up and you may lose the amount originally invested. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past.
© Morningstar 2025. All rights reserved. NAV-NAV, gross income reinvested where applicable.
Fund charges will impact the value of your investment. In particular, the ongoing charges applicable to each fund will dilute investment performance, particularly over time.
Fee Information
Initial Charge 5.00%
Annual Charge 1.00%
Ongoing Charge
(As of 30/06/2023) 		1.00%
Performance Fee 10% of the 'Relevant Amount'
Hurdle Rate FTSE EPRA Nareit Developed Europe Capped Index
For more information about charges, please see our fund charges page or the “charges” section of the fund’s prospectus.

Portfolio

Top Holdings (As of 31/05/2025)
% of Fund
Vonovia 9.00
Unibail-Rodamco-Westfield 7.57
Segro 6.49
PSP Swiss Property 4.97
Merlin Properties Socimi 4.79
Tritax Big Box REIT 4.61
British Land 4.49
Fastighets AB Balder 4.43
UNITE Group 3.53
LEG Immobilien 3.52
TOTAL 53.40
References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Documents

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  • The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • Past performance does not predict future returns.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Les actions/parts peuvent perdre rapidement de la valeur et impliquent généralement des niveaux de risques plus élevés que les obligations ou les instruments du marché monétaire. La valeur de votre placement peut par conséquent chuter.
  • Les actions des sociétés petites et moyennes peuvent être plus volatiles que celles des grandes sociétés, et il peut parfois s’avérer difficile de valoriser ou de vendre des actions au prix ou dans le délai souhaités, ce qui augmente le risque de pertes.
  • Un Fonds fortement exposé à une région géographique ou à un pays donné implique des risques plus importants qu’un Fonds plus largement diversifié.
  • Le Fonds est axé sur des secteurs ou des thématiques d’investissement particuliers, et peut être fortement touché par des facteurs tels que les modifications des règlementations gouvernementales, la concurrence accrue sur les prix, les progrès technologiques et d’autres événements défavorables.
  • Ce Fonds peut avoir un portefeuille particulièrement concentré par rapport à son univers d’investissement ou à d’autres fonds de son secteur. Un événement défavorable, même s’il n’affecte qu’un petit nombre de holdings, peut entraîner une volatilité ou des pertes importantes pour le Fonds.
  • Le Fonds investit dans des fonds de placement immobiliers (FPI) et d’autres sociétés impliquées dans le placement de biens immobiliers, qui impliquent les risques mentionnés ci-avant associés avec l’investissement direct dans les biens immobiliers. En particulier, les FPI peuvent être assujettis à une réglementation moins stricte que le Fonds lui-même et peuvent subir une volatilité plus importante que leurs actifs sous-jacents.
  • Le Fonds peut avoir recours à des instruments dérivés dans le but de réduire le risque ou de gérer le portefeuille plus efficacement. Toutefois, cela introduit d’autres risques, et en particulier celui qu’une contrepartie à un instrument dérivé ne respecte pas ses obligations contractuelles.
  • Si le Fonds détient des actifs dans des devises autres que la devise de référence du Fonds ou si vous investissez dans une catégorie d’actions/de parts d’une devise différente de celle du Fonds (sauf si elle est «couverte»), la valeur de votre investissement peut être soumise aux variations des taux de change.
  • Lorsque le Fonds, ou une catégorie d’actions/de parts couverte, vise à atténuer les fluctuations de change d’une devise par rapport à la devise de référence, la stratégie elle-même peut créer un impact positif ou négatif relativement à la valeur du Fonds en raison des différences de taux d’intérêt à court terme entre les devises.
  • Les titres du Fonds peuvent devenir difficiles à valoriser ou à céder au prix ou au moment désiré, surtout dans des conditions de marché extrêmes où les prix des actifs peuvent chuter, ce qui augmente le risque de pertes sur investissements.
  • Tout ou partie des frais courants peuvent être prélevés sur le capital, ce qui peut éroder le capital ou réduire le potentiel de croissance du capital.
  • Le Fonds peut perdre de l’argent si une contrepartie avec laquelle le Fonds négocie ne veut ou ne peut plus honorer ses obligations, ou en raison d’un échec ou d’un retard dans les processus opérationnels ou de la défaillance d’un fournisseur tiers.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
  • Summary of Investor rights
  • Janus Henderson Investors Europe S.A. may decide to terminate the marketing arrangements of this Collective Investment Scheme in accordance with the appropriate regulation.
  • Information on compliance with EU Sustainability related disclosures can be found here.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report. Please refer to the prospectus of the UCITS and to the KID before making any final investment decisions.
  • The Legal Entity Identifier for this product is 213800UJGEEKJEUMF834.

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